New York CNN —
Maryland is set to receive a $350 million insurance payment for the collapse of the Francis Scott Key Bridge in late March, according to the broker managing the policy for the structure.

The payment, coming from insurer Chubb, reaches the policy’s $350 million limit, stated Henry Daar, head of property claims, North America for WTW. The funds will be disbursed soon, rather than waiting for the lengthy process of constructing a new bridge.

Despite this payout, the policy will only cover a fraction of the billions in damages and clean-up costs resulting from the March 26 collapse caused by the Singaporean-flagged cargo ship Dali, which lost power and crashed into one of the bridge’s support columns.

To date, 3,000 tons of wreckage and debris have been removed from the site, with an estimated 50,000 tons still needing clearance. The unified government command overseeing the recovery reports that over 350 uniformed and civilian workers from 53 federal, state, and local agencies are deployed in Baltimore, alongside 553 contract specialists involved in various operations.

The incident led to the temporary closure of much of the Port of Baltimore, trapping ships in the port. Since then, four temporary channels have reopened, allowing limited resumption of ship traffic. As of last week, 171 commercial vessels, including five waiting to depart since March 26, have transited these alternate channels.

In response to the incident, the city of Baltimore filed a legal claim last month against Grace Ocean Private Limited, the ship’s owner, and Synergy Marine PTE LTD, its manager. The lawsuit accuses both companies of providing an “incompetent crew” lacking proper skill and training, seeking unspecified damages. Chubb may also file suit seeking reimbursement for the payment to Maryland.

The National Transportation Safety Board has yet to officially determine the cause of the accident. A preliminary report is expected soon, but the final report could take over a year.

The planned payment by Chubb was first reported Thursday by the Wall Street Journal.

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